Originally Posted by onwebcam

You somewhat understand...


Yes to Op. I live in one of the hottest RE markets in the country right now.. The problem is they are only building shit that costs a half a million + because they are buying perfectly fine houses for too much, tearing them down and then building 2,3,4 expensive shotgun homes on the lots to make a profit... The signs of a downturn are just 2 blocks down from me.. 8 high-end town homes with view of lake inlet sitting unsold for 6+ months.. I know the builder personally. He spent most of his money building them and then took on another $3.6 million dropping 20% down for a land contract on some commercial nearby.. He hoped to sell the townhomes to complete that deal by this month.. Townhomes haven't sold.. He's nearing foreclosure on those and is already in legal battle on the commercial.. He will be one of the first casualties locally. Many more to come..